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May 05, 2015 2:27 PM ET

Metals and Mining

Company Overview of Wuhan Iron & Steel (Group) Corp.

Company Overview

Wuhan Iron & Steel (Group) Corp. produces iron and steel for mining, coking, steel-making, iron-making, rolling, and supporting auxiliary facilities. Its iron and steel products include hot-rolled coils, hot-rolled section steel, hot-rolled heavy rails, plate, cold-rolled coils, galvanized plates, cold-rolled oriented and non-oriented silicon steel sheets, color coated plate, high-speed wire rod. The company offers auto sheets for medium-grade and high-grade automobiles; high-performance structural steel and high-quality long products; steel products for bridges, pipelines, pressure vessels, and containers; cord thread, fire-resistance, and weathering steel; and steel products for electric e...

Changqian

Qingshan District

Wuhan,  430083

China

Founded in 1954

Phone:

86 27 8689 1000

Key Executives for Wuhan Iron & Steel (Group) Corp.

President and General Manager
Age: 62
Chief Accountant and Vice General Manager
Age: 59
Vice President and Vice General Manager
Age: 50
Vice President
Vice General Manager
Age: 58
Compensation as of Fiscal Year 2014.

Wuhan Iron & Steel (Group) Corp. Key Developments

Wuhan Iron And Steel (Group) Corporation Provides Earnings Guidance for the First Half of 2014

Wuhan Iron And Steel (Group) Corporation predicts that it would gain more than CNY 90 billion income and CNY 800 million profits in the first half of the year 2014.

Centrex Metals Limited Signs Second Supplementary Deed with Wuhan Iron & Steel (Group) Co. to Amend to the Partners' Eyre Iron Magnetite Joint Venture

Centrex Metals Limited has signed a Second Supplementary Deed with Wuhan Iron & Steel (Group) Co. (WISCO) to amend to the partners' Eyre Iron Magnetite Joint Venture of which Centrex holds a 40% interest. The deed's focus is the Joint Venture's flagship Fusion project which is being re-scoped and rescheduled to take into account recent changes in iron ore market conditions. Under the deed WISCO and Centrex have agreed to commence an exploration program at new deposits within Fusion to allow greater mining selectivity and reduce estimated mine production costs. This will see the project move back into a Prefeasibility Study (PFS) over the next 12 to 24 months to assess the expanded project. The PFS will focus mostly on mining, with the current process plant, logistics and infrastructure designs remaining largely unaltered. The joint venture has approximately $9 million of existing funding remaining. Centrex and WISCO would jointly contribute a target of $10 million (Centrex $4 million) to fund completion of the PFS after current joint venture funding is expended. A major goal of negotiating amendments to the current joint venture for Centrex was also to find a funding solution through to the end of a Bankable Feasibility Study ("BFS") at Fusion that is isolated from Centrex current cash reserves. Upon the completion of a PFS if WISCO and Centrex wish to progress the project two options can be taken: - First Option ­ The joint venture would be incorporated and a listing sought on the ASX for an Initial Public Offer ("IPO") to raise funds for the completion of a BFS, with WISCO underwriting any shortfall up to a maximum of 25% of the issued capital of the post IPO company, and Centrex being diluted to no less than 30% of the post IPO company. Second Option ­ WISCO and Centrex to work together to bring a third party investor into the joint venture to provide funding for the completion of a BFS, with Centrex again being diluted to no less than 30%.

Wuhan Plans To Acquire Rio Tinto

Wuhan Iron & Steel(Group) CORP. is in a thinning field of bidders for Rio Tinto plc (LSE:RIO) Canadian iron-ore assets, raising the possibility it would be the first Chinese state-owned company to make a large Canadian acquisition since a controversial oil-sands deal on 2012. Wuhan is looking to buy, potentially with partners, the 59% stake in Iron Ore Co. of Canada that Rio Tinto put up for sale in March, according to people familiar with the matter.

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